Pune: An investigation has been initiated into an investment fraud , wherein a multi-services financial firm operating out of Ambegaon Pathar allegedly cheated over 121 investors of Rs9 crore by promising handsome returns between April 2023 and Aug. A small-scale industrial unit owner aged 54 years of Khadakwasla lodged a complaint with the economic offences wing ( EOW ) of Pune police. A formal FIR of cheating and criminal breach of trust was registered with the Bharati Vidyapeeth police station on Friday.
The Maharashtra Depositors’ Financial Protection Act has also been invoked against the firm owner who lived in Wadgaon Budruk and is a native of Belgavi in Karnataka, said senior inspector (EOW) Deepali Bhujbal. She said the accused had hired an office space in Ambegaon Pathar. “We have questioned his five employees, but they have also been cheated of Rs1 lakh to Rs15 lakh by the suspect who is missing at present.
” “So far, we have received 121 complaints and the number is likely to increase in the next few days,” she said. Police said the firm promised handsome returns ranging between 4% and 15% per month to investors. The suspect had also promised to double the amount invested within a year over and above the monthly returns, she said, adding that “After some initial payments, the investors did not receive any money.
The suspect used to threaten them with dire consequences if they tried to lodge a police complaint.” The firm owner had floated three major in.